AGO Opinion Topics: BANKS AND BANKING

(1) A county treasurer continues to be authorized to invest funds under his/her control within the provisions of RCW 36.29.020 in savings or time accounts in mutual savings banks or savings and loan associations up to the insurance limits afforded such accounts by the Federal Savings and Loan Insurance Corporation even though the particular institution has not also been approved as a qualified depositary under chapter 66, Laws of 1983‑-except to the extent that specific statutes which were repealed or amended by chapter 66 might come into play. (2) Consideration, and identification, of certain specific municipal funds which, by virtue of the enactment of chapter 66, Laws of 1983, may no longer be invested or deposited with thrift institutions which have not been approved as qualified public depositaries.

The establishment and operation of a "share draft" program, as herein described, by state regulated credit unions is prohibited by so much of RCW 31.12.260 as provides that no such credit unions shall ". . . carry . . . checking accounts . . ."

The establishment and operation of an alternative share draft program, as herein described, by state‑regulated credit unions would not be prohibited by the provisions of RCW 32.12.260 as earlier construed and applied in AGLO 1977 No. 28 [[to Jim Matson, State Senator, on July 7, 1977, an Informal Opinion, AIR-77528]], dealing with a significantly different credit union "share draft" scheme.

Chapter 63.14 RCW relating to retail installment sales, does not prohibit the use of the "previous balance" method of computing finance charges for sales governed by that act.

A credit union may not invest its capital in a savings and loan association doing business in the state of Washington but organized under the laws of another state.

A foreign banking corporation purchasing completed mortgage loans by mail from original holders thereof within the state, is not "doing business" within the state so as to require compliance with Rem. Rev. Stat. 3247 and Rem. Rev. Stat. Supp. 3836-17.